Market Moving News: EUR/USD - Jul 29

By IBT Staff Reporter On 07/29/10 AT 12:46 AM

EUR/USD - 1.3013.. Euro edges higher on short-covering in eur/yen (cross fell marginally below y'day's 113.22 to 113.18) after initial minor selling to 1.2977 in Asian morning, still well abv Tue's reaction low of 1.2952. 2-way flows have been seen but main focus remains on the much-touted option defense below the 1.3055 barrier plus rumour of 'huge' pile of euros to be unloaded by SNB (the central bank bot tons of eur/chf to weaken the swiss francs when it tumbled to a record low on Jul 01), as mentioned y'day, 1.3050 will be a tough nut to crack. On the downside, demand will increase with scale down buying interest seen fm 1.2970-50 n pretty large stops below there, therefore, range trading continues to dominate in Europe.